Being an entrepreneur
Lessons and sacrifices made by real entrepreneurs
Being an entrepreneur not only means fame and fortune, as many things in life involves some costs and sacrifices. Let's review some of the most common:
1. Time with family and friends
If you think being an entrepreneur means more available time for your family and/or friends you're wrong. When I was beginning my entrepreneurial journey one of my main motivations was to work less (because I used to work very long hours and weekends) but now I work as much or more than before (is more reawarding and I enjoy it) but is a hard work too.
That will probably happen to you too for the following reasons:
- You're doing something totally new for you and therefore you have to learn how things work, you have to make mistakes and that takes time. That is the called learning curve.
- At the beginning you don't have the resources to have a team or pay employees and therefore all the tasks depend on you.
- You don't have the ability to delegate tasks. This happens to many executives too. If you don't have the necessary confidence in your team it's obvious that you won't delegate nothing, but why? Probably you haven't trained them enough. Of course all of this implies time too.
These are only a few points about why you don't have time for your family or friends when you're trying to be an entrepreneur. There's a lot more, you can bet on it.
Notwithstanding this situation can change (and should change) when you have your business' system working and when you learn how to delegate effectively. You wouldn't be an entrepreneur if that implies working long hours for the rest of your life right?
2. Limited funds
I wouldn't recommend you to quit your job until you have at least a good business plan or even better an operating business because when you don't have a job you lose one of the most important things for businesses and people: your cash flow.
Why? Bills never fail but income does. The irony in this situation is that when you don't have cash flow you become more worried about the rent and bills than the business' matters itself and that limits the potential of your business and limits your cash flow even more. A dangerous cycle indeed.
This is by far one of the big reasons why businesses don't grow as planned or fail in their early years.
You'll find at the beginning that your business will become a kind of cash burner because you will invest more and more money (bills, taxes, payrolls) before you see a penny of income.
3. Patience and perseverance
Mahatma Gandhi said: First they ignore you, then they ridicule you, then they fight you, then you win. The meaning of being an entrepreneur couldn't be better expressed.
Is difficult to keep your patience when things don't work as you wish and is hard to persevere if you haven't see any reward for a long time. And given that things frequently don't work as you wish and you won't see immediately rewards, this is a real challenge for your temple.
These are only a few challenges you'll face in your "being an entrepreneur" journey. Don't get worried there are a lot of advantages too. We'll talk about them in the next articles.
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